Bitcoin (BTC) is approaching one of its halvings and the longest period of sideways price collapse in history, said the CEO of market intelligence firm CryptoQuant.
In a new thread on social media platform
“We are 285 days into 2024. Barring a Bitcoin bull market in the next 14 days, this will be the longest sideways market in any half-year in history.”
The Bitcoin halving cycle occurs every four years and cuts mining rewards in half. Bitcoin has historically reached new all-time highs after halving events.
Ki Young Ju also focuses on the Coinbase Premium, an indicator that measures the difference between the price of Bitcoin on Coinbase Pro and the value of BTC on the cryptocurrency exchange Binance.
According to the head of CryptoQuant, whales trading on Binance are preventing BTC from hitting new all-time highs.
“Bitcoin has been volatile since March. The premium on Coinbase was a big difference between $53,000 and $72,000, with whales buying at $72,000 and selling at $53,000. Meanwhile, global exchanges The whale has prevented a breakout of the all-time high and defended $53,000. The near-zero premium could act as support/resistance. [in my opinion]”
At the time of writing, Bitcoin is trading at $62,741, with a slight increase over the past 24 hours.
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